OMERS pensioners to receive full inflation protection in 2024
The 2024 inflation adjustment is 4.42%. The 2023 inflation adjustment exceeded the 6% maximum by 0.51%. As a result, members and survivors who received an inflation adjustment on January 1, 2023 (e.g., those whose pensions commenced before December 2022) and whose pension is still in pay on January 1, 2024, will receive an excess adjustment of 0.51% that will be included in their 2024 inflation adjustment for a total of 4.93%.
The 2024 inflation adjustment is 100% of the percentage increase in the 12‑month average Consumer Price Index (CPI) for the period ending in October over the average for the same period in the previous year, up to a maximum increase of 6%. The formula for calculating the OMERS inflation adjustment is set out in the OMERS Plan text.
While the 2024 inflation adjustment applies to all pensions in payment, members and survivors whose pensions began in 2023 (prior to December) will receive a pro-rated increase. Pensions that begin in December 2023 will be eligible to receive their first increase on January 1, 2025 provided the pension is still in pay.
CPI Index – 2021/22 | |
|---|---|
November | 144.2 |
December | 144.0 |
January | 145.3 |
February | 146.8 |
March | 148.9 |
April | 149.8 |
May | 151.9 |
June | 152.9 |
July | 153.1 |
August | 152.6 |
September | 152.7 |
October | 153.8 |
12‑Month Average | 149.67 |
CPI Index – 2022/23 | |
|---|---|
November | 154.0 |
December | 153.1 |
January | 153.9 |
February | 154.5 |
March | 155.3 |
April | 156.4 |
May | 157.0 |
June | 157.2 |
July | 158.1 |
August | 158.7 |
September | 158.5 |
October | 158.6 |
12‑Month Average | 156.28 |
% Change | |
|---|---|
November | |
December | |
January | |
February | |
March | |
April | |
May | |
June | |
July | |
August | |
September | |
October | |
12‑Month Average | 4.42% |
2024 OMERS Calculation
CPI Index – 2021/22 | CPI Index – 2022/23 | % Change | |
|---|---|---|---|
November | 144.2 | 154.0 | |
December | 144.0 | 153.1 | |
January | 145.3 | 153.9 | |
February | 146.8 | 154.5 | |
March | 148.9 | 155.3 | |
April | 149.8 | 156.4 | |
May | 151.9 | 157.0 | |
June | 152.9 | 157.2 | |
July | 153.1 | 158.1 | |
August | 152.6 | 158.7 | |
September | 152.7 | 158.5 | |
October | 153.8 | 158.6 | |
12‑Month Average | 149.67 | 156.28 | 4.42% |
OMERS formula smooths out volatility and results in relatively stable year-over-year inflation increases.
Pensioners are notified of their increase in late December through the Annual Statement of Pension provided to retired members and survivors, listing their inflation-adjusted pension amount for 2024. The statements are posted on our secure member portal myOMERS or mailed to members who prefer to receive their pension information by mail.
Learn more about inflation protection, including how last year’s excess adjustment was applied to this year's inflation adjustment, how your first inflation increase is calculated, and how inflation protection works for benefits earned on or before December 31, 2022 (up to a maximum increase of 6%) and for benefits earned on or after January 1, 2023 that are subject to SRI.
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